Anne Richards warns of looming solvency crisis - reports

Industry 'cannot fix problems alone'

clock • 1 min read

Anne Richards, CEO of Fidelity International, has warned of a solvency crisis in public businesses as economies emerge from lockdown, which the asset management industry will not be able to fix alone, the Financial Times has reported.

She said multiple businesses would require a capital injection to offset the debt accumulated during the crisis, but added that businesses must ensure access to as many pools of capital as possible: "The [asset management] industry is not going to be enough to solve this solvency problem." Anne Richards: Asset managers must unite to save capitalism Many businesses have received funding from government and central banks they will need to repay - the scale of which is so great, according to Richards, that it is "either going to be written off or sit on balance sheets, where it will have...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Markets

Hotter than expected US inflation tempers Fed rate cut expectations

Hotter than expected US inflation tempers Fed rate cut expectations

Annual price growth falls to 3.1%

clock 13 February 2024 • 1 min read
Investors turn defensive in January as rate cut expectations change

Investors turn defensive in January as rate cut expectations change

State Street Risk Appetite index

clock 08 February 2024 • 1 min read
London remains 'key destination' for IPOs

London remains 'key destination' for IPOs

KMPG survey of ECM leaders

Cristian Angeloni
clock 15 January 2024 • 2 min read
Trustpilot